In the U.S., medical coding is the creation of medical codes that identify with specific diagnosis and services in the healthcare industry. These codes are identified through medical documentation. These codes are used to determine the details of billing, weebo and the efficient use of coding leads to accurate billing. This finally results in the determination of insurance claims. A significant component, therefore of the medical coding and billing business is the efficiency of the medical claims billing service.
According to the Medical Billing Guide, “Medical records specialist earn a median pay of $35,900 per year, which isn’t bad for a profession that requires little education or training.”
Irrelevant to the industry, there are some business fundamentals that every entrepreneur takes into account. However, market research indicates factors that are specific to each industry. The medical billing and coding industry is one that comes with its specifications. As the healthcare industry is predicted to double over the next ten years, medical billing and coding businesses are poised for growth, while being relatively recession proof.
Medical codes are applied using CPT®, ICD-10-CM, and HCPCS Level II classification systems. Medical coders, therefore, need to be proficient in the application of these codes. The medical billing business, livewebdir subsequently, pursues the claims determined through these codes for reimbursements from health insurance companies to the healthcare company.
A medical billing and coding process, therefore, offers end-to-end billing and management solutions to ensure that the healthcare provider gets paid to their maximum entitlement. The ultimate goal is to minimize insurance claims denials.
Below are seven principles that can aid towards powering your medical billing and coding business to transform into an industry leader.
Computer Assisted Coding (CAC) is Your Best Friend
Whatever the state of the economy, citizens will always need medical care. However, roidirectory the affordability is subjective. To avoid any dependence, medical billing services need to be increasingly efficient in their execution. The most error-free mechanism towards achieving this end is deploying the relevant technology, i.e., CAC. With the ICD 10 transition and the introduction of a host of new codes, medical coders need assistance in ensuring error-free coding. There are ever-evolving technologies of artificial intelligence and data mining that go a long way in improving billing and management solutions, by predicting the possibility of insurance claims being denied, flagging faulty coding, and automating the coding process. Ultimately, CAC maximizes the amount that can be claimed by the healthcare provider, which is the key to retaining customers.
The use of CAC further reduces the amount of paperwork involved in the medical billing process. Technology has shifted the paradigm to automated coding, which limits the amount of manual execution and thereby minimizes the possibility of human error.
According to a report available through Research and Markets, “the global market for computer-assisted coding software is projected to reach $4.75 billion by 2022”. However, technology is not at a point where it can replace human coders. According to a recent report by Herzing University, “The U.S Department of Labor predicts that employment for health information technicians will grow by as much as 15 percent through 2024-much faster than average for most occupations.” This growth is significant of the ever-increasing need for innovative technology to be merged with the skill of medical coders and billers that will solidify the accuracy of medical billing claims services.
Further, according to the Capterra Medical Software blog, A Cleveland Clinic study found that CAC had a lower precision rate when used without the assistance of a credentialed coder. “It cannot be overemphasized that the use of computer-assisted coding alone does not replace certified coders. The software is limited and does not have the ability to apply guidelines or make decisions about code application and the circumstances of each admission. It does not have the ability to ‘choose’ a principal diagnosis or a principal procedure, huntingtime and in many cases, does not have the ability to build ICD-10-PCS procedure codes.”
By Sandra L. Brewton (RHIT, CCS, CHCA, CPC, AHIMA-Approved ICD-10-CM/PCS Trainer)
In a nutshell, CAC will assist your business through:
Automated translation of clinical documents
Suggested codes for application
Automated reviews for coders
Automated billing suggestions
Fewer errors for swift claim acceptance
Embrace Blockchain Technology
To put it simply, blockchain technology is an only once-written record of digital scenarios that can be shared between different entities for viewing only purposes. Within the healthcare industry, there is no doubt about the high level of interconnectedness between the healthcare providers, medical billing and coding companies and insurance claims companies. This is where the blockchain technology plays a crucial role.
According to a recent report of Forbes, “… it will be an evolutionary journey for blockchain-based healthcare systems or applications, where trust and governance within a blockchain network or consortium will be the critical success factors for implementation.” It further states, “The Hyperledger Foundation, an open-source global collaborative effort created to advance cross-industry blockchain technologies, is one great example among many developing small blockchain consortia models in the healthcare space.”
The main advantage of the blockchain technology is its ability for data exchange, without the fear of data being hampered across entities. This maintains the critical standardization and security protocol of medical data.
A recent example of the implementation of blockchain application is the development of a blockchain-based claims management solution with the collaboration of Gem Health and Capital One. This has considerably helped to reduce administrative costs and time wastage by providers and claims management companies.
Blockchain Technology can aid your business through:
Higher standards of security
Systematic and efficient information exchange
Decreased hampering of medical data
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Systematize Your Collection Unit
As a hindrance to effective revenue management, a considerable amount of time is spent on making collections of frauds and defaulters. This adversely affects cash flow. When the collection is purely manual, shayarism the ever-increasing paperwork and human time consumption take a huge toll on company profits. This process can be streamlined through a dedicated and small-sized team that is equipped with the powerful and innovative technology to track and execute pending collections. Another strategy is to choose to pursue payments only when deemed necessary. This will reduce unnecessary time consumption. Well trained and skilled staff is an essential prerequisite to an efficient practice management service and for efficient tracking and recording. Finally, outsourcing bad debt recovery, litigations related to accounts, etc. will go a long way inefficient utilization of company resources.
Collections of overdue amounts are the least likely ones to be reimbursed. This is probably the best reason that your collection team needs to be organized and avoid bad debts as much as possible. An active billing team followed by a small, but skilled collection team should be the priority within the medical claims billing service.
“many ASCs fail to implement a system of tracking and trending for these denials, which is, in his opinion, techquisys the most common mistake ASCs make when it comes to their billing practices. Typically, one or two employees perform all functions, and they expect that single person to be an expert in all of them. This rarely works. We typically see that they will excel at some but fail at others; a Jack of all trades is a master of none.”
– Brice Voithofer, VP, AdvantEdge Healthcare Solutions
To ensure minimum collection hassles:
Keep the team small but skilled
Avoid pursuing long overdue bills
Implement a system to track the trend of denials
Distinguish between Appealed and Corrected Claims
This is the process that sets in when an initial claim to the payer is denied. Medical billers then appeal the claim or execute a corrected claim for reimbursement of the medical services. Every medical billing services company must be acutely aware of the difference between appealed and corrected claims since there are definitive and distinguished guidelines that set them both apart.